The New York Times last year reported on an epidemic of food insecurity among seniors who cut back on meals, visited food banks for the first time and cut all but the cheapest and most basic ingredients from their dwindling diets.
Food costs – both in restaurants and at the supermarket – had risen so much that many retirees could not keep up, especially as housing, transportation and the overall cost of living also rose.
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With that in mind, retirees who may now be living comfortably would be wise to make some adjustments when shopping for food and eating out to avoid the same fate. The good news is that you can make some budgetary moves that are even friendly to Social Security benefits.
Here are some food costs retirees should eliminate now at grocery stores and restaurants to avoid a food crisis later in life.
Buy food whole and never pay for preparation
The grocery store can make your life easier by sending you home with food that has been cleaned, cut, prepped and ready to cook, but it will cost you and your credit card.
“Focus on purchasing whole foods, which tend to be cheaper and healthier,” says David L. Blain, financial analyst (CFA), founder and CEO of BlueSky Wealth Advisors, an independent, registered fee-based investment advisor that serves many retirees. “For example, buying a whole chicken is more economical and offers different meal options compared to buying pre-cooked or pre-cut pieces.”
For example, the USDA says the average price for a whole chicken is $1.33 per pound, but pre-cut chicken breasts cost an average of $3.07 per pound.
Then there are products. Why peel, cut and chop when virtually every supermarket offers pre-sliced, pre-packaged, ready-to-eat versions of your favorite fruits and vegetables?
Look at the price tag before you answer.
According to Mashed, red onions cost $0.49 per pound, but when diced the cost goes up to $4 per pound. A whole butternut squash costs $1.29 per pound – or $4.80 per pound, pre-cut. A head of romaine lettuce costs €1.99 – or €3.99 for a ready-made bag.
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Shop and cook according to a meal plan
The most effective way to spend less at the grocery store and waste less at home is to plan meals in advance, buy only the necessary ingredients, prepare the week’s meals in large quantities and store the excess in single-serve containers. use to freeze.
“A critical strategy for retirees to cut back on food and grocery costs revolves around embracing meal planning,” says Marty Burbank, an estate planning and elder law attorney, retirement advisor and founder of OC Elder Law in Orange County, California. “Planning meals weekly allows you to buy only what is needed, reducing waste and avoiding impulse purchases.”
According to the University of Wisconsin-Whitewater, shopping and cooking on a meal plan saves an average of $1,600 per year while adding variety to your menu so you can use what you have before it goes bad, saving you time and helping you run your household. more efficient.
Buy meat rarely, consciously and creatively – and fall in love with beans
Retirees who want to reduce costs should eat less meat. Including meatless days in your diet is good for your health, your wallet and the environment.
“Meat is expensive,” says Clay Cary, trends analyst at CouponFollow. “If you’re on a budget, consider limiting meat to two to three times a week and using your freezer to avoid waste.”
Clay offered the following hack as an example of how to get creative with cost-effective grocery shopping in the meat department.
“The cheapest way to stock up on meat is to get a pre-cooked chicken on the rotisserie toward the end of the day,” he said. “They are often reduced by as much as 50% because the store starts to worry about having to throw them away. When you get home, remove the meat and freeze the chopped meat in portion-sized bags so you can add it to your meals throughout the week. Now you have a cheap supply that you can add to sandwiches or salads throughout the week.”
On the days in between, beans – especially dry beans bought in bulk – are one of the most economical, versatile and least perishable sources of clean, healthy protein in the entire grocery store. According to the University of Nebraska-Lincoln, they cost about 17 cents per serving.
When it comes to eating out, consider the average as exorbitant
According to the most recent data from the Bureau of Labor Statistics, the average American household spends $3,639 per year on dining out. That’s more than $300 per month or about $70 per week.
Given the price reality after the pandemic, the average is now excessively high.
Restaurant inflation remains one of the most persistent sources of rising prices across the economy. If you don’t eat out less, you’ll spend more – and retirees should opt for the former.
“If you’re on a fixed retirement income, cutting back on eating out can help you stretch your budget further,” says Ann Martin, director of operations at CreditDonkey. “For example, reserving restaurant meals for special occasions is an easy way to limit these costs.”
When you eat out, skip the extras
Carter Seuthe, CEO of Credit Summit Debt Consolidation, has seen retirees get into financial trouble by continuing to spend on what he calls the “extras” they learned to enjoy during their working years when they had the income to cover them.
“This could be anything from paying for valet parking at the restaurant to ordering an alcoholic beverage with your meal, ordering dessert afterwards to going over-the-top with the tip,” he said.
According to Dextrous Parking Management, valet parking costs an average of $10 to $25 per hour. The Binwise bar management software platform says the average adult drink costs between $5 and $15 – and desserts can cost as much as appetizers, which retirees should also add to the list of banned extras.
Caitlyn Moorhead contributed reporting for this article.
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This article originally appeared on GOBankingRates.com: Cutting Costs in Retirement: 5 Grocery and Food Expenses for Ax
